What is the best way to protect my elderly parent’s assets?

The best way to protect your elderly parent’s assets is to have an experienced elder law attorney prepare a comprehensive estate plan. An estate plan can help protect assets and provide important guidance to your parent about their finances, medical care, and other important decisions. In Maryland, an estate plan typically includes a will, durable power of attorney, healthcare power of attorney, and an advance directive. A will can help you protect your parent’s assets by specifying how they should be distributed after they pass away. It can also designate an executor who is responsible for carrying out your parent’s wishes. A durable power of attorney grants authority to an agent to make decisions about your parent’s finances if they become incapacitated. A healthcare power of attorney allows your parent to choose a trusted person to make decisions about their medical care when they cannot. An advance directive will help to ensure your parent’s wishes are followed in the event of end of life decisions. By planning ahead with the help of an experienced attorney, you can ensure your parent’s assets are protected and that their wishes are respected. An estate plan will provide peace of mind knowing that their financial and medical decisions are taken care of.

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What is the best way to protect my elderly parent’s assets?

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